Fierce IBD competition: 27 moves, M&A deals — and even the Rolling Stones
March 11, 2020 by Tobias Salinger
The largest recruiting announcement of the year so far stands out in a roundup of recent news shaping the independent broker-dealer sector.
Private Advisor Group — an LPL Financial hybrid RIA with more than $19 billion in assets under management — recruited more than a dozen advisors from one of the No. 1 IBD’s top rivals. While it found itself bidding goodbye to a major team, Raymond James has also taken proactive steps to build up its next generation of advisors for the future.
Business development in the IBD channel often comes from high-profile recruiting moves that remain the lifeblood of an industry focused on the movement of assets from one platform to another. They also flow from M&A, organic growth and any number of services or resources that BDs, custodians, insurers, tech vendors and other stakeholders provide to advisors.